The Companies Act, 1956
433. Circumstances in which company may be wound up by Tribunal.
1[433. Circumstances in which company may be wound up by Tribunal.A company may be wound up by the Tribunal,
(a)if the company has, by special resolution, resolved that the company be wound up by the Tribunal;
(b)if default is made in delivering the statutory report to the Registrar or in holding the statutory meeting;
(c)if the company does not commence its business within a year from its incorporation, or suspends its business for a whole year;
(d)if the number of members is reduced, in the case of a public company, below seven, and in the case of a private company, below two;
(e)if the company is unable to pay its debts;
(f)if the Tribunal is of the opinion that it is just and equitable that the company should be wound up;
(g)if the company has made a default in filing with the Registrar its balance sheet and profit and loss account or annual return for any five consecutive financial years;
(h)if the company has acted against the interests of the sovereignty and integrity of India, the security of the State, freindly relations with foreign States, public order, decency or morality;
(i)if the Tribunal is of the opinion that the company should be wound up under the circumstances specified in section 424G:
Provided that the Tribunal shall make an order for winding up of a company under clause (h) on application made by the Central Government or a State Government.]
1. Subs. by Act 11 of 2003, sec. 51, for section 433.